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toronto: house prices Greater Toronto Area (GTA) fell in January as higher borrowing costs weighed on the city’s red-hot housing market, the data showed toronto regional real estate board (TRREB) showed up on Friday.
The median GTA home price fell to $1.04 million ($780,957) in January, down 1.2% from December and down 16.4% from a year earlier. Prices were down about 22% from their February peak.
Sales were down 44.6% from a year earlier, while new listings were down 3.7%.
“Home prices have declined over the past year as homebuyers sought to offset the impact of significantly higher borrowing costs,” Jason Mercer, chief market analyst at TRREB, said in a statement.
“While short-term borrowing costs rose again in January, negotiated medium-term mortgage rates like the five-year fixed rate have actually begun to trend lower than at the end of last year.”
Last week, the Bank of Canada raised its benchmark rate to a 15-year high of 4.50% after indicating it would pause its interest rate hike campaign.
Investors are betting that the central bank will cut rates in the last quarter of 2023.
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